Bitcoin and Ethereum Breakdown Continues, Altcoins In Red Too
Bitcoin price started a fresh decline from well above USD 38,000. BTC broke the USD 36,500 support and it even declined below USD 35,000. It is currently (04:41 UTC) extending losses after a failed attempt to move higher.
Similarly, most major altcoins are trading in a bearish zone. ETH broke the USD 2,250 support and it tested the USD 2,050 zone. XRP/USD failed to stay above USD 0.800 and it even tested USD 0.700.
Total market capitalization
There was another rejection in bitcoin price near the USD 38,000 resistance zone. BTC started a fresh decline and it broke many supports near the USD 36,500 support zone. The bears even pushed the price below the USD 35,000 support zone. The price tested the USD 33,350 zone and it is now trading above USD 34,000 with a bearish angle. The price is now down by 5% in a day and 13% in a week. On the upside, an immediate resistance is near the USD 35,000 level. The main weekly resistance is now forming near USD 36,500, above which the price might revisit the USD 38,000 zone.
Ethereum price also followed a similar pattern and it traded below the USD 2,400 support. ETH declined sharply and it even traded below USD 2,250. The price tested USD 2,050 and it is now struggling to recover. ETH dropped by 5.5% in a day and 17% in a week. An initial resistance is near the USD 2,180 level. The main resistance is now forming near USD 2,250, above which the price might revisit the USD 2,400 zone.
BNB, LTC, DOGE, and XRP price
Binance Coin (BNB) declined heavily below the USD 350 support. BNB even spiked below the USD 325 support zone. An initial support is near the USD 310 level. The key support sits at USD 300, below which there is a risk of a break towards the USD 280 support zone. On the upside, the USD 350 level might act as a hurdle.Litecoin (LTC) extended its decline below USD 155 and USD 150. The price tested the USD 142 zone and it might continue lower towards the USD 135 level. On the upside, the bears might remain active near the USD 158 and USD 165 levels.Dogecoin (DOGE) is now trading below the USD 0.300 level. The price traded close to USD 0.250 and it is now consolidating losses. If there are more downsides, there is a risk of a drop towards the USD 0.232 level. On the upside, the bulls could face hurdles near USD 0.285 and USD 0.300.XRP price started another sharp decline below the USD 0.800 support zone. It even broke the USD 0.750 level and tested USD 0.700. If there is no recovery above USD 0.750, the bears might test the USD 0.650 support zone.
Other altcoins market today
Many altcoins declined over 5%, including KLAY, STX, CHZ, ZEN, BTG, XEM, AMP, ICP, SC, STT, KCS, QTUM, SOL, and EGLD. Out of these, STX is down over 14% and it traded below USD 0.72.
Overall, bitcoin price is showing bearish signs below the USD 36,500 and USD 35,000 support levels. If BTC doesn’t recover above USD 36,500, there is a risk of a drop towards the USD 32,000 level.